Researchers gave nearly 400 people in Bangkok and Singapore tokens representing money and invited them to bet on random coin flips. Before each flip, participants got the chance to pay to read a prediction of what the result of the next toss would be. After the coin toss, those who hadn't paid also learned what the expert had predicted.
The odds of any one tip being right were, of course, 50%. Still, when the advice proved correct after the first coin toss, roughly 12% of players paid for a tip in the second round, compared with 4% if the prediction was wrong. And the proportion rose each time the advice was correct: If four tips in a row were right, purely the result of chance, more than 40% of players paid for advice for round five.
http://online.wsj.com/article/SB10001424052702304898704577480922086289892.html
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